Sunnova Energy International (NYSE:NOVA) Trading Down 9% on Analyst Downgrade

Sunnova Energy International Inc.’s share price fell. NYSE: NOVA down 9% Friday after JPMorgan Chase & Co lowered its target price for the stock from $66.00 to $53.00. The stock traded as low as $20.11 and last traded at $20.14. 77,924 shares were traded during mid-day trading, down 97% from the average daily trading volume of 2,930,573 shares. The stock had earlier closed at $22.13.

Other stock analysts have also released research reports about the company. Trust Financial began covering news for Sunnova Energy International in a research note on Friday, October 15th. They issued a “buy” rating and a target price of $50 per share. KeyCorp lowered its target price on Sunnova Energy International from $50.00 to $39.00 and identified the company’s “overweight” rating in a report on Thursday, January 13th. Goldman Sachs lowered Sunnova Energy International’s rating from a “buy conviction” rating to a “buy” rating in a report released on Sunday, January 9th. Piper Sandler cut his price target on Sunnova Energy International from $52.00 to $45.00 and placed the company’s “overweight” rating in a report released on Friday, January 7. Finally, Credit Suisse Group raised its price target on Sunnova Energy International from $61.00 to $63.00 and gave the stock a “superior” rating in a report released on Monday, November 8th. One research analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat data, the company currently has a consensus rating of “buy” and an agreed target price of $51.62.

In other news for Sunnova Energy International, Director Akbar Muhammad acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, December 28th. The stock was purchased at an average cost of $26.13 per share, for a total value of $522,600.00. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ecp Controlco, LLC sold 6,000,000 shares of the company’s stock in a transaction that took place on Monday, November 1st. The shares sold for an average price of $41.28, with a total value of $247,680.000.00. The disclosure of this sale can be found here. Over the past 90 days, insiders have sold 6,030,910 shares of the company’s stock valued at $249,050,122. Corporate insiders own 4.10% of the company’s shares.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock raised its stake in Sunnova Energy International by 1.3% during the third quarter. BlackRock now owns 12,037,967 shares of the company’s stock, valued at $396,531,000 after purchasing an additional 155,277 shares during the last quarter. Vanguard Group Inc. filed Its stake in Sunnova Energy International increased 14.4% during the second quarter. Vanguard Group Inc. owns. There are now 7,764,078 shares of the company’s stock valued at $292,395,000 after purchasing an additional 974,595 shares during the last quarter. Invesco Ltd. raised. Its stake in Sunnova Energy International increased by 2.3% during the third quarter. Invesco Ltd. Now, 3,675,732 shares of the company’s stock are valued at $121,078,000 after purchasing an additional 82,402 shares during the last quarter. Amundi acquired a new stake in Sunnova Energy International during the second quarter valued at $108,703,000. Finally, Morgan Stanley raised its stake in Sunnova Energy International by 211.2% during the third quarter. Morgan Stanley now owns 2,007,897 shares of the company’s stock valued at $66,139,000 after purchasing an additional 1,362,613 shares during the last quarter.

The company has a market capitalization of $2.26 billion, a price-earnings ratio of -9.87 and a beta of 2.07. The company has a fifty-day moving average of $30.63 and a two hundred day moving average of $34.27. The company has a debt-to-equity ratio of 2.17, a quick ratio of 2.73 and a trading ratio of 2.73.

Sunnova Energy International (NYSE: NOVA) released its latest quarterly earnings results on Wednesday, October 27. The company reported earnings ($0.25) per share for the quarter, topping Thomson Reuters’ estimates of ($0.16) by ($0.09). The company generated $68.90 million in revenue for the quarter, compared to analyst estimates of $67.31 million. Sunnova Energy International had a negative return on equity of 8.58% and a negative net margin of 100.43%. During the same period in the previous year, the company reported earnings ($0.15) per share. Equity analysts expect Sunnova Energy International Inc. -1.32 earnings per share for the current year.

About Sunnova Energy International (NYSE: Nova)

Sunnova Energy International, Inc. is engaged in providing solar and energy storage services. It also provides services to customers who have purchased their solar energy system through unaffiliated third parties. The company was founded by William J. (John) Berger on October 22, 2012 and is headquartered in Houston, Texas.

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